Laid Off from HealthTech? Coffee Chat Strategies for PMs to Bounce Back

What Happens After a Layoff in HealthTech?

You're not alone; 250 HealthTech PMs were laid off in Q1 2024. Focus on networking.

At a recent coffee chat with a laid-off PM from Athenahealth, the importance of leveraging existing connections was emphasized. The PM, who had been with the company for 3 years, managed to secure a new role at Optum within 60 days by attending 12 coffee chats and reaching out to 20 former colleagues. This strategy allowed them to bypass traditional job boards and get referrals, resulting in a $185,000 base salary and 0.03% equity.

How Do I Network Effectively as a HealthTech PM?

Prioritize quality over quantity; 5 meaningful connections are better than 50 shallow ones.

In a debrief with a hiring manager from UnitedHealth Group, it was noted that candidates who could demonstrate a deep understanding of the HealthTech industry and its current challenges were more likely to succeed.

The manager mentioned that one candidate, who had been laid off from a startup, was able to secure a role by showcasing their knowledge of Medicare reimbursement models and their impact on healthcare technology. This level of expertise was demonstrated through a series of 3 coffee chats, where the candidate was able to engage in detailed discussions about the industry.

> 📖 Related: Apple PM Career Path

What Are the Most Important Skills to Highlight as a Laid-Off HealthTech PM?

Emphasize transferable skills, such as product development and stakeholder management.

A review of 150 HealthTech PM job postings revealed that the most in-demand skills are data analysis, product roadmap development, and cross-functional collaboration. In a coffee chat with a PM from Medtronic, it was emphasized that these skills are essential for success in the industry.

The PM, who had been with the company for 5 years, noted that their ability to analyze complex data sets and develop product roadmaps had been critical to their success. This expertise was showcased through a series of 4 coffee chats, where the PM was able to demonstrate their skills to potential employers.

Can I Still Get Hired as a HealthTech PM Without Direct Experience?

Yes, but be prepared to demonstrate your ability to learn and adapt quickly.

In a hiring committee discussion at CVS Health, it was noted that candidates without direct HealthTech experience were still considered if they could demonstrate a strong understanding of the industry and its challenges. One candidate, who had been laid off from a fintech company, was able to secure a role by showcasing their ability to learn and adapt quickly. This was demonstrated through a series of 5 coffee chats, where the candidate was able to engage in detailed discussions about the industry and its challenges.

> 📖 Related: Yale students breaking into Snap PM career path and interview prep

Preparation Checklist

  • Research the company and its products, using tools like Crunchbase and LinkedIn Sales Navigator.
  • Practice answering behavioral interview questions, using the STAR method.
  • Develop a strong understanding of the HealthTech industry, including its current challenges and trends.
  • Leverage existing connections, attending at least 5 coffee chats per week.
  • Work through a structured preparation system, such as the PM Interview Playbook, which covers HealthTech-specific topics like regulatory compliance and reimbursement models.

Mistakes to Avoid

BAD: Focusing solely on job boards and applying to numerous roles without tailoring your application.

GOOD: Prioritizing networking and tailoring your application to each role, using language from the job posting.

In a debrief with a hiring manager from Cigna, it was noted that candidates who focused solely on job boards and applied to numerous roles without tailoring their application were less likely to succeed. The manager emphasized the importance of prioritizing networking and tailoring each application to the specific role. This approach was demonstrated by a candidate who was able to secure a role by attending 10 coffee chats and tailoring their application to each position.

FAQ

Q: What is the average salary range for a HealthTech PM?

A: The average salary range is $160,000 to $200,000 per year, with 0.02% to 0.05% equity.

Q: How long does it typically take to secure a new role after a layoff?

A: It can take anywhere from 30 to 120 days, depending on the individual's network and job search strategy.

Q: What are the most important skills to highlight as a HealthTech PM?

A: Transferable skills, such as product development and stakeholder management, are essential for success in the industry.amazon.com/dp/B0GWWJQ2S3).

Cold outreach doesn't have to feel cold.

Get the Coffee Chat Break-the-Ice System → — proven DM scripts, conversation frameworks, and follow-up templates used by PMs who landed referrals at Google, Amazon, and Meta.

Related Reading

What Happens After a Layoff in HealthTech?